My Eyelab
Eye care and eyewear
- 2022 Franchise 500 Rank
-
#100 Ranked #95 last year
- Initial investment
-
$300K - $601K
- Units as of 2022
-
157 134.3% over 3 years
Here’s what you need to know if you’re interested in opening a My Eyelab franchise.
My Eyelab is an optical franchise specializing in accessible and affordable eye care services. They strive to use the latest automated technology to keep expenses low while maintaining a high level of care.
The first My Eyelab opened in 2006. One decade later, in 2016, they began franchising. Around this time, My Eyelab also introduced a specialty software that could provide eye care appointments via telehealth. However, customers can still book walk-in appointments for eye exams and frame fittings.
Optical stores may carry My Eyelab frame designs, designer brands, and unique styles. Each pair of lenses is cut to size in-store and goes through a quality assurance check before sending them home with the customer.
There are more than 50 My Eyelab franchises in the United States to go along with over 30 corporate-owned locations. My Eyelab is seeking to expand its reach even further.
Why You May Want to Start a My Eyelab Franchise
My Eyelab follows ICARE, a set of company ethics made up of integrity, collaboration, accountability, respect, and empowerment. My Eyelab is looking for franchisees who can effectively connect with customers.
Franchisees typically do not need a background in eyecare and can come from all walks of life. However, optometrists or healthcare industry workers looking to build a practice, investors looking to grow their portfolio, or passionate individuals with strong customer service skills may be the most well-suited to a My Eyelab franchise.
My Eyelab has been ranked in Entrepreneur's Franchise 500 several times in recent years. This ranking is based on an evaluation of more than 150 data points in the areas of costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability.
What Might Make a My Eyelab Franchise a Good Choice?
Between telehealth and same-day services, the company has not only become an affordable option for customers but a convenient one, too.
My Eyelab likes to emphasize its use of high-quality technology and eye exam services, which cover screenings for threats to the eye. As a franchisee, you should expect to perform these exams, assist customers with frames, and manage daily store operations. Though, the company usually allows absentee and multi-unit ownership.
To be part of the My Eyelab team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company's set net worth and liquid capital requirements.
How To Open a My Eyelab Franchise
My Eyelab tries to streamline the franchise process by providing training to franchisees. Corporate will teach you how to use the equipment, conduct eye exams, and stick to the company's business model.
As you decide if opening a My Eyelab franchise is the right move for you, make sure you take time to explore the opportunity. Research the brand and your local area to see if a My Eyelab franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.
After completing the initial steps of applying for a My Eyelab franchise, you should compile a set of questions as you move forward with an initial phone call and attend a company discovery day.
Company Overview
About My Eyelab
- Industry
- Health & Wellness
- Related Categories
- Eye Care, Miscellaneous Health Products
- Founded
- 2006
- Parent Company
- Now Optics
- Leadership
- Daniel Stanton, CEO
Franchising Overview
- Franchising Since
- 2016 (6 years)
- # of employees at HQ
- 40
- Where seeking
-
This company is seeking new franchisees in the following US states: Alabama, Arkansas, Arizona, Colorado, Florida, Georgia, Iowa, Idaho, Illinois, Kentucky, Michigan, Mississippi, North Carolina, Nevada, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Utah, Virginia, Wisconsin, West Virginia
- # of Units
- 157 (as of 2022)
Franchisor Information
Information for Franchisees
Here’s what you need to know if you’re interested in opening a My Eyelab franchise.
Financial Requirements & Ongoing Fees
Here’s what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
- Initial Franchise Fee
- $34,900
- Initial Investment
- $299,858 - $601,197
- Net Worth Requirement
- $500,000
- Cash Requirement
- $200,000
- Veteran Incentives
- 10% off franchise fee
- Royalty Fee
- 4%
- Ad Royalty Fee
- 8%
- Term of Agreement
- 10 years
- Is franchise term renewable?
- Yes
Financing Options
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
- Third Party Financing
- My Eyelab has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
- On-The-Job Training
- 81.5 hours
- Classroom Training
- 20.5 hours
- Ongoing Support
-
Purchasing Co-opsNewsletterMeetings & ConventionsToll-Free LineGrand OpeningOnline SupportSecurity & Safety ProceduresLease NegotiationField OperationsSite SelectionProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
-
Co-op AdvertisingAd TemplatesNational MediaRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail MarketingLoyalty Program/App
Operations
Additional details about running this franchise.
- Is absentee ownership allowed?
- Yes
- Can this franchise be run from home/mobile unit?
- No
- Can this franchise be run part time?
- No
- # of employees required to run
- 1
- Are exclusive territories available?
- Yes
Franchise 500 Ranking History
Compare where My Eyelab landed on this year’s Franchise 500 Ranking versus previous years.
Additional Rankings
Curious to know where My Eyelab ranked on other franchise lists? Find out below.
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